itstargetnews
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San Francisco-based Valiant Capital Management boosted its position in Core Scientific by 1.68 million shares in the third quarter.
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The move contributed to a change in net worth of $34.34 million.
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As of September 30, the fund reported holding 6.48 million shares valued at $116.31 million, making this the fund’s largest position.
San Francisco-based Valiant Capital Management added to its position Basic scientist (NASDAQ:CORZ) by 1.68 million shares in the third quarter, adding an estimated $34.34 million in total value to the position, according to a Nov. 14 SEC filing.
According to filing with the Securities and Exchange Commission dated November 14, Valiant Capital Management reported the purchase of an additional 1.68 million shares of Basic scientist (NASDAQ:CORZ) during the third trimester. The post-transaction position amounted to 6.48 million shares with a market value of $116.31 million as of September 30. The fund also reported having call options attached to about 4.21 million shares.
Main funds after presentation:
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NASDAQ:CORZ: $116.31M (10.8% of AUM)
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NYSEMKT:SPY: $102.93M (9.5% of AUM)
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NOW:ILWM: $102.31mm (9.5% or 5 AUM)
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NYSE: Agx: $68.75M (6.4% aum)
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NYSE:GEV: $67.16M (6.2% of AUM)
As of Wednesday, CORZ shares were trading at $14.65, up 4% over the past year and underperforming the S&P 500, which rose about 17% over the same period.
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metric |
value |
|---|---|
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Market capitalization |
4.54 billion dollars |
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employees |
325 |
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Revenue (TTM) |
334.18 million dollars |
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net income (TTM) |
($768.31 million) |
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Core Scientific provides digital asset mining, blockchain infrastructure and colocation services, generating revenue from automining operations and hosting solutions for large-scale miners.
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The company operates a dual business model, earning revenue both from mining digital assets on its own as well as hosting and selling equipment to third-party miners.
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Primary customers include large-scale digital asset miners and blockchain technology companies seeking high-performance, secure infrastructure and hosting services.
Core Scientific, Inc. is a leading provider of blockchain infrastructure and digital asset mining services in North America, operating large-scale data centers and offering self-mining and hosting solutions.
It’s important to note that this stake was built while Core Scientific was sharply focused, not after the wheels came off. Shares rose about 24% in the first three quarters of the year, reflecting growing optimism about infrastructure monetization and CoreWeave’s proposed merger. The subsequent 32% drop came later, after that deal was done scrapped at the end of October.
This sequencing rethinks movement. This was not a thoughtful purchase. It was a support to the strategy before the incumbent risk came back into the picture.
At the time, Core Scientific was starting to be valued less as a pure-play Bitcoin miner and more as a power and compute platform. third quarter results reinforced this shift, highlighting growing colocation revenue and built-in optionality in its large-scale, energy-rich data center footprint. The collapse of the merger removed a short-term catalyst but did not erase the underlying thesis.
Meanwhile, within the portfolio, this remains the most concentrated position, outperforming both broad market ETFs and industrial holdings. This suggests a tolerance for volatility in exchange for potentially non-linear profit.
